Thursday, February 22, 2007

CalPERS commits $400m each to cleantech, emerging market ventures

The California Public Employees' Retirement System will commit $400m each to two new private equity vehicles: one focusing on clean energy and technology investments, and the other on global emerging markets. The investments will be managed by specialised teams within Pacific Corporate Group, headquartered in La Jolla, California.
The clean energy and technology programme will concentrate on energy, water and material technologies, products and services that reduce carbon emissions, conserve natural resources and improve energy efficiency. CalPERS will be the anchor investor in the PCG cleantech fund, which will also raise capital from other institutional investors. The fund will pursue investments in cleantech partnerships as well as co-investments in cleantech companies alongside other general partners.
The new investments will augment CalPERS's Alternative Investment Management Program's current Environmental Technology Program, which has $200m in cleantech commitments to seven partnerships.

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